Baku Energy Forum - GAZPROM, SOCAR in talks over increasing Russian gas supplies to Azerbaijan

GAZPROM, SOCAR in talks over increasing Russian gas supplies to Azerbaijan


CEO of Russian energy giant Gazprom Alexey Miller and Azerbaijan’s State Oil Company’s (SOCAR) President Rovnag Abdullayev have discussed natural gas supplies to Azerbaijan during a meeting in St.Petersburg.

Miller and Abdullayev discussed the cooperation issues. Namely, natural gas supplies to Azerbaijan, Gazprom reported.

Gazprom is a global energy company focused on geological exploration, production, transportation, storage, processing and sales of gas, gas condensate and oil, sales of gas as a vehicle fuel, as well as generation and marketing of heat and electric power.

SOCAR is Azerbaijan's largest state-owned petroleum company engaged in oil, natural gas and gas condensate exploration, production, processing, transportation and sales.

SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.

Gazprom Export and Azerbaijan Methanol Company (AzMeCo) signed a mid-term Sales and Purchase Agreement on September 11, 2015 for up to 2 billion cubic meters of gas annually.

AzMeCo for the debts was handed over to Aqrarkredit CJSC non-bank credit institution in accordance with a decision of Azerbaijan’s Cabinet of Ministers. (Aqrarkredit CJSC manages the distressed assets of the International Bank of Azerbaijan).

SOCAR acquired the plant from Aqrarkredit CJSC.